Many people wish to leave money to their place of worship. One of most popular vehicles used today, is the irrevocable life insurance trust. This trust makes your church or place of worship, the irrevocable beneficiary of your life insurance policy.

Sometimes people leave assets of cash or securities to their place of worship. When using life insurance to leave money to your church, you will benefit more by using an irrevocable life insurance trust. This vehicle has several advantages to consider. Especially if you name your place of worship, the owner and beneficiary of the life policy. You will receive a tax deduction because you are gifting to the church. A regular life insurance policy would not receive a current tax benefit if you just named the entity the beneficiary. Your place of worship can also use the cash value in the policy of the irrevocable trust. Upon the death of the insured, the policy is paid to your place of worship without being subjected to probate costs.

Remember the bank account or savings you will to the church, will not get a current tax deduction. You can donate money to the church and get a deduction, however only the irrevocable life insurance trust can provide a current tax deduction, and create an instant legacy for your place of worship.

Disclaimer: Always consult a financial profession to determine what coverage is right for you.

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